Coin Community Family of Web Sites Join Thousands of Coin, Bullion, & Money Collectors
300,000 items to help build your collection! Royal Canadian Mint products, Canadian, Polish, American, and world coins and banknotes. Join Thousands of Coin, Bullion, & Money Collectors Shop for APMEX Bullion on eBay!Vancouvers #1 Coin and Paper Money Dealer Specializing in Modern Numismatics Coin, Banknote and Medal Collectors's Online Mall








Username:
Password:
Save Password
Forgot your Password?


This page may contain links that result in small commissions to keep this free site up and running.

Welcome Guest! Registering and/or logging in will remove the anchor (bottom) ads. It's Free!

Insurance

To participate in the forum you must log in or register.
Author Previous TopicReplies: 22 / Views: 2,140Next Topic
Page: of 2
Pillar of the Community
Zohar444's Avatar
United States
1429 Posts
 Posted 08/28/2008  11:10 pm Show Profile   Bookmark this topic Add Zohar444 to your friends list Get a Link to this Message Number of Subscribers
Any reccomended insurance programs (cost effective) for coin collections?

Rest in Peace
biggfredd's Avatar
United States
9104 Posts
 Posted 08/29/2008  04:45 am  Show Profile   Bookmark this reply Add biggfredd to your friends list Get a Link to this Reply
Either a rider on your house policy, or check with the ANA, they have a recommended underwriter who specializes in collections.
Pillar of the Community
Zohar444's Avatar
United States
1429 Posts
 Posted 08/29/2008  07:06 am  Show Profile   Bookmark this reply Add Zohar444 to your friends list Get a Link to this Reply
Thank you.
Pillar of the Community
Jays-Dad's Avatar
United States
790 Posts
 Posted 08/29/2008  07:20 am  Show Profile   Bookmark this reply Add Jays-Dad to your friends list Get a Link to this Reply
I found that the price of insurance as a rider on my home policy was pretty high (something like 3% of the value per year). When I discussed how I would be able to prove a loss if I were to have one, it became obvious that they would search for reasons to reject any claims that might come up.
Pillar of the Community
Zohar444's Avatar
United States
1429 Posts
 Posted 08/29/2008  07:38 am  Show Profile   Bookmark this reply Add Zohar444 to your friends list Get a Link to this Reply
That is what I heard. Any specific produst that has a lower premium payment requirement?
Pillar of the Community
wwhitman's Avatar
United States
1415 Posts
 Posted 08/29/2008  08:26 am  Show Profile   Bookmark this reply Add wwhitman to your friends list Get a Link to this Reply
I think it's called a safe.
or safety deposit box.
Okay to be serious. Depending upon the size(volume) your collection takes up and the environment (space available, accessibility), a safe may be your best solution.
Or get a safety deposit box at the bank.
Insurance does appear to be high cost.
BEST: I have seen parts of your collection, give em to me!!
Pillar of the Community
Zohar444's Avatar
United States
1429 Posts
 Posted 08/29/2008  08:44 am  Show Profile   Bookmark this reply Add Zohar444 to your friends list Get a Link to this Reply
Thanks - I received a quote of about 3% premium on value which is relatively high. I will research and share finding.

Re Safe Deposit - I may miss them if they are stashed away !
Moderator
Learn More...
jbuck's Avatar
United States
187702 Posts
 Posted 08/29/2008  10:27 am  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply

Quote:
I think it's called a safe or safety deposit box.
I agree. My collection has way more sentimental than cash value; no insurance policy could ever cover that.
Edited by jbuck
08/29/2008 10:27 am
Pillar of the Community
Prethen's Avatar
United States
3233 Posts
 Posted 08/29/2008  11:34 am  Show Profile   Bookmark this reply Add Prethen to your friends list Get a Link to this Reply
Use Hugh Wood from ANA. I'm paying about 0.3% of my collection value.
Pillar of the Community
wwhitman's Avatar
United States
1415 Posts
 Posted 08/29/2008  11:35 am  Show Profile   Bookmark this reply Add wwhitman to your friends list Get a Link to this Reply
Zohar444,
I still think my last suggestion (Give to me) is the best for all involved.
If you miss them, I can send pics.
Pillar of the Community
Zohar444's Avatar
United States
1429 Posts
 Posted 08/29/2008  11:39 am  Show Profile   Bookmark this reply Add Zohar444 to your friends list Get a Link to this Reply
That is a great quote Prethen. I will look into it. Thank you.
Bedrock of the Community
United States
20753 Posts
 Posted 08/29/2008  11:48 am  Show Profile   Bookmark this reply Add just carl to your friends list Get a Link to this Reply
I'm a little paranoid when it comes to coin insurances or any insurances on valuables. In the old days you knew the insurance agent by name, he was a neighbor or ever a relative. You personal info was on paper and in a safe place. Today you don't know the people selling insurance and they will be different ones almost monthly. Your personal info goes into a computer and everyone in the company knows where to find that and usually can.
If you live in a relatively high crime area or large city insuring your coins is about the same as instructing your postal service, mild services and even the police that your house will be vacant while your on vacation.
Put you coins in a safe deposit box. If it is rather large, rent a few of them. I have 5 of them now.
Always better to be safe than sorry.
Bedrock of the Community
biokemist6's Avatar
United States
12437 Posts
 Posted 08/29/2008  11:50 am  Show Profile   Bookmark this reply Add biokemist6 to your friends list Get a Link to this Reply
I agree with Prethen, the ANA offers excellent group rate coverage for collections. I doubt you will be able to find a better deal on your own and homeowners insurance is lousy for collections.
Valued Member
groganking's Avatar
United States
131 Posts
 Posted 08/29/2008  6:06 pm  Show Profile   Bookmark this reply Add groganking to your friends list Get a Link to this Reply
I appreciate Zohar starting this thread. I keep my collection in a safe deposit box in a bank. I am at the point where I am going to have to rent a second box. Anyway, my question is whether others who store theirs in a safe deposit box also insure the collection. Thanks.
Pillar of the Community
Prethen's Avatar
United States
3233 Posts
 Posted 08/29/2008  6:18 pm  Show Profile   Bookmark this reply Add Prethen to your friends list Get a Link to this Reply
Homeowners insurance for stuff like coin collections plain sucks. It's very expensive and very onerous. They want a complete list of your collection and it has to be kept up-to-date. Plus, I don't know if they cover things like Registered mail, but Hugh Wood does.
Bedrock of the Community
United States
20753 Posts
 Posted 08/29/2008  7:26 pm  Show Profile   Bookmark this reply Add just carl to your friends list Get a Link to this Reply

Quote:

I appreciate Zohar starting this thread. I keep my collection in a safe deposit box in a bank. I am at the point where I am going to have to rent a second box. Anyway, my question is whether others who store theirs in a safe deposit box also insure the collection. Thanks.


As I said previously, I have 5 of them. If figure the cost is well worth the safety. As to insurancing anything of value it depends on where you live. Two people I know had their coins insured and they were robbed. Several people I know had guns insured and they were robbed. Most people I know that have coins, guns, knives, etc and don't have insurance on them never get robbed. Probably nothing to do with it but the less people that know what I have the safer I am.
I reall see no advantage is spreading the information around as to any valuables in my home.
  Previous TopicReplies: 22 / Views: 2,140Next Topic
Page: of 2

To participate in the forum you must log in or register.



    




Disclaimer: While a tremendous amount of effort goes into ensuring the accuracy of the information contained in this site, Coin Community assumes no liability for errors. Copyright 2005 - 2026 Coin Community Family- all rights reserved worldwide. Use of any images or content on this website without prior written permission of Coin Community or the original lender is strictly prohibited.
Contact Us  |  Advertise Here  |  Privacy Policy / Terms of Use

Coin Community Forum © 2005 - 2026 Coin Community Forums
It took 0.31 seconds to rattle this change. Forums